02-24-14 msad_results_q3-2
TRANSCRIPT
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Materials for FY2013 3Q Results Briefing - Conference Call
February 14, 2014 (Fri)
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MS&AD Insurance Group Holdings (Consolidated) Page 1-2
Domestic Non-Life Insurance Companies Page 3-7
Domestic Life Insurance Companies Page 8
Overseas Subsidiaries Page 9
Summary of FY 2013 3Q Results
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MS&AD Insurance Group Holdings, Inc.
1. Consolidated Earnings for FY 2013 3Q (1) Overview
FY2012 3Q FY2013 3QResults Results YoY Change Change Ratio
2,164.3 2,309.3 144.9 6.7%
Net premiums written *1 1,976.8 2,104.0 127.1 6.4%
Mitsui Sumitomo Insurance 980.1 1,030.9 50.8 5.2%
Aioi Nissay Dowa Insurance 829.5 861.9 32.4 3.9%Mitsui Direct General Insurance 25.7 25.9 0.1 0.6%
Overseas subsidiaries 141.2 182.5 41.2 29.2%
Ordinary profit 145.8 237.1 91.2 62.5%Mitsui Sumitomo Insurance 85.1 124.2 39.0 45.8%
Aioi Nissay Dowa Insurance 27.4 59.8 32.4 118.4%
Net income *2 94.3 159.5 65.2 69.1%
Mitsui Sumitomo Insurance 60.5 87.8 27.3 45.2%
Aioi Nissay Dowa Insurance 14.7 41.3 26.5 180.0%
Mitsui Direct General Insurance 0.4 0.1 -0.3 -77.1%
MSI Aioi Life 2.0 5.4 3.4 169.9%MSI Primary Life 18.5 22.8 4.2 23.0%
Overseas subsidiaries 11.8 19.3 7.4 63.2%
Consolidation adjustments, etc. -13.7 -17.2 -3.4 -
Direct premiums written *1
(excluding deposit premiums from policyholders)
• Net premiums written increased both in domestic non-life insurance companies and in overseas subsidiaries.• Net Income for the 3rd Quarter of FY2013 significantly increased, and Group Core Profit for the period has reached ¥144.5 billion.
1
*1 Direct premiums written and net premiums written exclude Good Result Return premiums of the “ ModoRich ” auto insurance product, whichcontains a special clause related to premium adjustment and refund at maturity, same hereafter.
*2 Net income of subsidiaries is on an equity stake basis, same hereafter.
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MS&AD Insurance Group Holdings, Inc.
Factors in YoY changes inconsolidated ordinary profit
• Net investment income increased sharply from a year earlier due to an improvement in the market environment, whichboosted ordinary profit.
• Underwriting profit/loss at domestic non-life insurance companies moved into the black before reversals of catastrophereserves.
(¥bn) Consolidated ordinary profit
FY20123Q
FY20133Q Difference
(a) (b) (b)-(a)
Consolidated ordinary profit 145.8 237.1 91.2
Domestic non-life insurance
companies*Underwriting profit(before reversals of catastrophereserve)
-1.5 41.5 43.0
Domestic non-life insurancecompanies*
Reversals of catastrophe reserve83.1 9.9 -73.2
Domestic non-life insurancecompanies*
Investment profit and other30.9 132.7 101.7
Domestic life insurancesubsidiaries
36.1 48.2 12.0
Overseas subsidiaries 14.9 25.8 10.8Consolidation adjustments,etc. -17.9 -21.1 -3.1
* The figures for domestic non-life insurance companies are the sum of figures forMitsui Sumitomo Insurance and Aioi Nissay Dowa Insurance.
DomesticNon-Life;
Reversal of Cat
Reserve-73.2
Domes tic LifeInsurance
12.0
Overseas
Subsidiaries10.8
Consolidation Adjustments.,
etc.-3.1
FY2012 3QResults
145.8
DomesticNon-Life;
UnderwritingProfit before
Reversal of Cat.Reserve
43.0DomesticNon-Life;
InvestmentProfit and
other 101.7
FY2013 3QResults
237.1
0
50
100
150
200
250
300
2
(¥bn)
2. Consolidated Earnings for FY 2013 3Q (2) YoY Results Comparisons
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YoY Change YoY Change YoY Change
Net premiums written 1,030.9 50.8 861.9 32.4 83.2
5.2% 1.7pt 3.9% 1.3pt 4.6% 1.5pt
Net claims paid (-) 618.1 -43.8 516.5 -31.2 -75.1
Incurred loss (-) 603.8 -9.1 520.5 -14.5 -23.6
(-) 178.5 7.3 155.2 7.1 333.8 14.5
(-) 148.7 3.5 139.5 6.7 288.3 10.2
(-) 14.9 16.0 0.5 15.1 15.5 31.1
Reversal of catastrophe reserve 7.8 -47.3 2.0 -25.8 9.9 -73.2
Underwriting profit 37.1 -22.0 14.2 -8.2 51.4 -30.2
Net interest and dividends income 59.2 14.9 36.0 6.3 95.3 21.2
Gains on sales of securities 33.5 7.8 15.9 8.8 49.4 16.7
Impairment losses on securities (-) 1.5 -33.3 2.2 -14.1 3.7 -47.5
87.0 61.0 45.6 40.6 132.7 101.7
Ordinary profit 124.2 39.0 59.8 32.4 184.1 71.5
Extraordinary income -2.5 -2.7 -1.0 0.0 -3.6 -2.6
Income before income taxes 121.6 36.3 58.8 32.5 180.5 68.8
Net income 87.8 27.3 41.3 26.5 129.1 53.9
Operating expenses and generaland administrative expenses
Investment profit and Other ordinary expenses
1,892.9
1,134.6
1,124.3
Provision for ordinary underwritingreserves
MSI (Non-consolidated) ADI (Non-consolidated) Reference Simple Sum
Growth rate of net premiums written
Commissions and collectionexpenses
3
(¥bn)3. Domestic Non-life Insurance Companies (1) MSI&ADI Results for FY 2013 3Q - (i)
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4. Domestic Non-life Insurance Companies (1) MSI&ADI Results for FY 2013 3Q - (ii)
YoY Change YoY Change YoY Change
Net loss ratio *1 65.7 - 7.6 pt 64.5 - 6.2 pt 65.2 - 6.9 pt
Net expense ratio 31.8 - 0.5 pt 34.2 0.3 pt 32.9 - 0.1 pt
Combined ratio 97.5 - 8.1 pt 98.7 - 5.9 pt 98.1 - 7.0 pt
<Excluding residential earthquake insurance and CALI *2>
Net loss ratio 62.7 - 7.7 pt 61.1 - 6.2 pt 62.0 - 7.0 pt
Net expense ratio 33.7 - 0.3 pt 36.1 0.7 pt 34.8 0.2 pt
Combined Ratio 96.4 - 8.0 pt 97.2 - 5.5 pt 96.8 - 6.8 pt
ADI (Non-consolidated) Reference Simple SumMSI (Non-consolidated)
4
*1 Net loss ratio is on a “written -to- paid” basis, same hereafter. *2 “CALI” stands for Compulsory Automobile Liability Insurance, same hereafter.
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5. Domestic Non-life Insurance Companies (2) Natural Catastrophes
Impact of natural catastrophes in Japan and flooding in Thailand
Net Claims Paid Provision for O/S* Incurred Losses Balance of O/S*as of Dec. 31,
2013YoY Change YoY Change YoY Change
Nat Cat in Japan(Occurred in FY2013) 25.8 - 19.5 10.0 3.9 35.9 - 15.6 10.0
Mitsui SumitomoInsurance 14.5 - 10.8 7.4 3.2 21.9 - 7.6 7.4
Aioi Nissay DowaInsurance 11.2 - 8.7 2.6 0.6 13.9 - 8.0 2.6
Flooding in Thailand(Occurred in FY2011) 32.0 - 29.5 - 48.9 23.0 - 16.9 - 6.4 39.6
Mitsui SumitomoInsurance 27.1 - 24.5 - 42.0 18.5 - 14.8 - 5.9 34.0
Aioi Nissay DowaInsurance 3.1 - 2.9 - 4.9 3.4 - 1.8 0.4 2.0
Overseas Subsidiaries 1.7 - 1.9 - 1.9 1.0 - 0.2 - 0.9 3.5
Total 57.8 - 49.0 - 38.8 27.0 18.9 - 22.0 49.7
(¥bn)
* “O/S” stands for outstanding claims, same hereafter.
5
6 D ti N lif I C i
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Catastrophe reserve
6. Domestic Non-life Insurance Companies(3) Catastrophe Reserve & Impairment Losses on Securities
Mitsui Sumitomo Insurance Aioi Nissay Dowa Insurance
Reversal Provision Change Balance as ofDec. 31, 2013 Reversal Provision Change Balance as of
Dec. 31, 2013
Fire and allied 21.1 13.6 -7.4 103.6 9.8 7.9 -1.8 107.7
Marine - 1.9 1.9 68.7 - 0.3 0.3 13.7
Personal accident 7.2 3.3 -3.9 61.1 - 1.7 1.7 58.4
Voluntary automobile 18.9 14.6 -4.3 14.6 20.7 16.0 -4.7 16.0
Other 1.9 7.8 5.8 144.6 1.6 4.0 2.4 52.0
Total 49.2 41.3 -7.8 392.8 32.3 30.2 -2.0 247.9YoY Change -43.4 3.8 47.3 -22.1 3.7 25.8
MS&AD Holdings(Consolidated)
Mitsui SumitomoInsurance
(Non-consolidated)
Aioi Nissay DowaInsurance
(Non-consolidated)
Other Subsidiaries(Non-consolidated)
Consolidation Adjustments
Impairment losses on securities 3.9 1.5 2.2 0.1 0.0
YoY Change -57.4 -33.3 -14.1 -0.6 -9.2
Impairment losses on securities
(¥bn)
(¥bn)
6
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7. Domestic Non-life Insurance Companies (4) Voluntary Automobile Insurance
-8.8%
1.1%
-1.4%
-4.1% -7.2%
-9.4%
-5.9% -5.7%
-11.1%
-15%
-10%
-5%
0%
+5%
+10%
Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar
-9.2%
-2.6% -3.6%
-6.5%
-10.5%
-8.5%-9.0% -9.5%
-13.5%-15%
-10%
-5%
0%
+5%
+10%
Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar
Aioi Nissay Dowa InsuranceMitsui Sumitomo Insurance
FY 2013
FY 2012 FY 2012
FY 2013
* All figures for factors of increase/decrease in insurance premiums are based on sales results (Apr.- Dec.), %YoY* ”Changes in average payout per claim” means change in average payout per claim over one -year period ended December 31, 2013 compared with average payout per claim in one-year period ended
March 31, 2013.* The EI loss ratio shown in the above includes loss adjustment expenses. The period each year is from Apr. – Dec.
7
Trend in the No. of accidents (Per day, %YoY, excluding the number of accidents caused by natural disasters)
Insurance Premiums, Claims and Earned to Incurred Loss Ratio
<Domestic, Sales Basis> No. of ContractsInsurance
Premium UnitPrice
InsurancePremiums
Factors Increasing/DecreasingInsurance Premiums +0.3% +2.2% +2.5%
<Domestic> Bodily injuryliability
Property damageliability
Vehicle damage(Excl. natural
disasters)Changes in average payoutper claim +15.6% +2.6% +6.3%
<Including Loss Adj.Expenses> Dec. 2011 Dec. 2012 Dec. 2013
EI Loss Ratio 71.6% 68.8% 65.6%
<Domestic, Sales Basis> No. of ContractsInsurance
Premium UnitPrice
InsurancePremiums
Factors Increasing/DecreasingInsurance Premiums -0.8% +2.2% +1.4%
<Domestic> Bodily injuryliability
Property damageliability
Vehicle damage(Excl. natural
disasters)Changes in average payoutper claim +8.4% +4.5% +7.2%
<Including Loss Adj.Expenses> Dec. 2011 Dec. 2012 Dec. 2013
EI Loss Ratio 67.5% 67.1% 64.7%
Aioi Nissay Dowa InsuranceMitsui Sumitomo Insurance
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FY 2012 3Q YoY Chanage Change Ratio
Amount of New Policies 2,637.0 2,012.0 -624.9 - 23.7%
Amount of Policies in Force 20,074.6 20,845.5 770.9 3.8%
Annualized Premiums of Policies in Force 319.7 330.9 11.2 3.5%
Gross Premiums Income 301.5 303.8 2.3 0.8%
Net Income 2.0 5.4 3.4 169.9%
FY 2012 3Q YoY Chanage Change Ratio
Amount of New Policies 331.6 548.5 216.8 65.4%
Amount of Policies in Force 3,661.4 3,936.7 275.2 7.5%
Annualized Premiums of Policies in Force 434.2 436.4 2.2 0.5%Gross Premiums Income 344.0 569.4 225.3 65.5%
Net Income 18.5 22.8 4.2 23.0%
FY 2013 3Q
FY 2013 3Q
(At Last FY end) (ChangefromLast FY end)
(ChangefromLast FY end)
(At Last FY end)
(At Last FY end)
(At Last FY end)
(Changef romLast FY end)
(Change from
Last FY end)
8
MSI Aioi Life
MSI Primary Life
8. Domestic Life Insurance Companies - Results for FY 2013 3Q
(¥bn)
(¥bn)
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YoY Change Change ratio
Net premiums written 141.2 182.5 41.2 29.2% Asia 69.0 89.2 20.1 29.3%
Europe 37.4 50.8 13.4 35.9%
Americas 20.7 27.0 6.2 30.3%
Reinsurance 14.0 15.3 1.3 9.3%
Net income 11.8 19.3 7.4 63.2%
Asia 6.4 7.6 1.2 19.8%
Europe 0.6 4.0 3.3 488.1%
Americas 0.5 1.2 0.6 117.7%
Reinsurance 4.1 6.3 2.2 53.2%
FY2012 3QFY2013 3Q
9
Overseas Subsidiaries
9. Overseas Subsidiaries - Results for FY 2013 3Q
(¥bn)
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FY 2013 3Q Results Data
Mitsui Sumitomo Insurance (Non-consolidated) Page 10-12
Aioi Nissay Dowa Insurance (Non-consolidated) Page 13-15
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MS&AD Insurance Group Holdings, Inc. 10
10. Non-consolidated Results for FY 2013 3Q - Mitsui Sumitomo Insurance (i)
YoY Change
Net premiums written 980.1 1,030.9 50.8 Growth rate of net premiums written 3.5% 5.2% 1.7 ptNet loss ratio 73.3% 65.7% -7.6 ptNet expense ratio 32.3% 31.8% -0.5 ptCombined ratio 105.6% 97.5% -8.1 ptIncurred losses 612.9 603.8 -9.1
Underwriting profit 59.1 37.1 -22.0
Net interest and dividends income 44.3 59.2 14.9 Gains on sales of securities 25.6 33.5 7.8 Impairment losses on securities -34.8 -1.5 33.3 Investment profit 32.6 98.6 66.0
Ordinary profit 85.1 124.2 39.0 Extraordinary income 0.1 -2.5 -2.7 Net income 60.5 87.8 27.3
(Excluding residential earthquake insurance and CALI) Growth rate of net premiums written 2.9% 4.7% 1.8 pt
Net loss ratio 70.4% 62.7% -7.7 ptNet expense ratio 34.0% 33.7% -0.3 ptCombined ratio 104.4% 96.4% -8.0 pt
FY2013 3QFY20123Q
(¥bn)
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MS&AD Insurance Group Holdings, Inc. 11
11. Non-consolidated Results for FY 2013 3Q - Mitsui Sumitomo Insurance (ii)
Net loss ratioNet premiums written (¥bn)
Growth
Fire and allied 133.5 151.8 13.7%
Marine 40.0 43.1 7.8%
Personal accident 105.8 106.8 0.9%
Voluntary automobile 443.3 456.1 2.9%
CALI 118.0 128.9 9.2%
Other 139.3 143.9 3.3%
Total 980.1 1,030.9 5.2%Excluding res idential earthquakeinsurance and CALI 861.2 901.4 4.7%
FY2013 3QFY20123Q Change
Fire and allied 111.0% 73.2% -37.8pt
Marine 53.9% 58.8% 4.9pt
Personal accident 60.4% 62.7% 2.3pt
Voluntary automobile 68.2% 64.0% -4.2pt
CALI 95.2% 87.0% -8.2pt
Other 50.3% 48.4% -1.9pt
Total 73.3% 65.7% -7.6ptExcluding res idential earthquakeinsurance and CALI 70.4% 62.7% -7.7pt
FY2013 3QFY20123Q
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13 N lid d R l f FY 2013 3Q Ai i Ni D I (i)
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MS&AD Insurance Group Holdings, Inc. 13
13. Non-consolidated Results for FY 2013 3Q - Aioi Nissay Dowa Insurance(i)
YoY Change
Net premiums written 829.5 861.9 32.4
Growth rate of net premiums written 2.6% 3.9% 1.3 pt
Net loss ratio 70.7% 64.5% -6.2 pt
Net expense ratio 33.9% 34.2% 0.3 ptCombined ratio 104.6% 98.7% -5.9 pt
Incurred losses 535.0 520.5 -14.5
Underwriting profit 22.4 14.2 -8.2
Net interest and dividends income 29.7 36.0 6.3 Gains on sales of securities 7.0 15.9 8.8 Impairment losses on securities -16.3 -2.2 14.1 Investment profit 5.6 43.6 37.9
Ordinary profit 27.4 59.8 32.4
Extraordinary income -1.1 -1.0 0.0
Net income 14.7 41.3 26.5
(Excluding residential earthquake insurance and CALI) Growth rate of net premiums written 2.1% 3.5% 1.4 pt
Net loss ratio 67.3% 61.1% -6.2 pt
Net expense ratio 35.4% 36.1% 0.7 pt
Combined ratio 102.7% 97.2% -5.5 pt
FY2013 3QFY20123Q
(¥bn)
14 N lid d R l f FY 2013 3Q Ai i Ni D I (ii)
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MS&AD Insurance Group Holdings, Inc. 14
14. Non-consolidated Results for FY 2013 3Q - Aioi Nissay Dowa Insurance (ii)
Net loss ratioNet premiums written (¥bn)
Growth
Fire and allied 93.5 99.7 6.7%
Marine 7.0 8.3 17.6%
Personal accident 55.3 56.1 1.4%
Voluntary automobile 483.9 496.8 2.7%
CALI 114.7 122.2 6.6%
Other 74.9 78.6 5.0%
Total 829.5 861.9 3.9%Excluding residential earthquakeinsurance and CALI 714.2 739.2 3.5%
FY2013 3QFY20123Q Change
Fire and allied 85.0% 63.1% -21.9pt
Marine 55.5% 53.6% -1.9pt
Personal accident 50.9% 48.9% -2.0pt
Voluntary automobile 66.6% 63.0% -3.6pt
CALI 92.1% 85.3% -6.8pt
Other 62.4% 55.7% -6.7pt
Total 70.7%64.5%
-6.2ptExcluding res idential earthquakeinsurance and C ALI 67.3% 61.1% -6.2pt
FY2013 3QFY20123Q
15 N lid t d R lt f FY 2013 3Q Ai i Ni D I (iii)
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MS&AD Insurance Group Holdings, Inc.
Fire and allied (Excluding residential
earthquake insurance)
Marine 3.8 55.4% - 3.8 55.4% 4.2 52.9% - 4.2 52.9% -2.5pt
Personal accident 25.5 49.6% 0.0 25.5 49.6% 25.6 50.1% 0.0 25.6 50.1% 0.5pt
Voluntary automobile 297.8 62.2% 3.4 294.3 61.4% 292.1 59.7% 2.7 289.4 59.2% -2.2pt
Other 45.6 60.7% 0.7 44.8 59.7% 47.0 62.6% 0.7 46.2 61.5% 1.8pt
Total (A) *3 439.4 61.4% 19.6 419.8 58.7% 424.5 58.2% 12.1 412.4 56.6% -2.1pt
Residential earthquakeinsurance (B) - - - - - -
CALI (C) 95.6 - 95.6 96.0 - 96.0
Total (A)+(B)+(C) 535.0 19.6 515.4 520.5 12.1 508.4
FY 2012 3Q
EI Loss
Ratio (Excluding
Nat CatImpact)
Nat CatImpact *2
(b)
FY 2013 3Q
-5.6pt66.5 65.0% 15.4 51.1 46.955.450.0% 52.5% 44.4%8.5
YoYChange
IncurredLosses *1
(a)
EI LossRatio
(a)-(b)IncurredLosses *1
(a)
EI LossRatio
Nat CatImpact *2
(b)(a)-(b)
EI Loss
Ratio (Excluding
Nat CatImpact)
Incurred losses *1 and EI loss ratio (Excluding loss adjustment expenses)
15. Non-consolidated Results for FY 2013 3Q - Aioi Nissay Dowa Insurance (iii)
*1 Incurred losses = net claims paid + provision for outstanding claims*2 “Natural Catastrophe Impact” is the total of incurred losses resulting from domestic natural catastrophes occurring in Japan during the period and
the Thailand floods.*3 Total (A) excludes residential earthquake insurance and CALI.
(¥bn)
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[Reference] FY 2013 (Full Year) Consolidated Earnings Forecasts and Trends in 4Q
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MS&AD Insurance Group Holdings, Inc.
FY 2013 3Q FY 2013 (Full year) Trends in 4QResults Forecasts (Jan - Mar)
Announced 19 Nov.
Net Premiums Written *2 2,104.0 2,800.0
Ordinary Profit 237.1 191.0
Net Income *3 159.5 125.0
Mitsui Sumitomo Insurance 87.8 80.0
Aioi Nissay Dowa Insurance 41.3 30.0
Mitsui Direct General Insurance 0.1 0.3
MSI Aioi Life 5.4 6.0
MSI Primary Life 22.8 11.0There are plans for addition to contingency reserve andprice fluctuation reserve at the end of the fiscal year.
Overseas subsidiaries 19.3 22.0
Consolidation adjustments, etc. -17.2 -24.3
Past year's trends (compared with first 9 months) are; - Business expenses higher in Q4 - Incurred losses of automobile insurance higher in Q4 - Less reversal of catastrophe reserve - Less dividend payout from shares held
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[Reference] FY 2013 (Full Year) Consolidated Earnings Forecasts and Trends in 4Q(¥bn)
*1 Forecasts for FY2013 (Full year) not revised from figures announced on November 19, 2013.*2 Net premiums written exclude Good Result Return premiums of the “ ModoRich ” auto insurance product, which contains a special clause related
to premium adjustment and refund at maturity.*3 Net income of subsidiaries is on an equity stake basis.
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